Senators Probe Online Lenders Use of Education Data in Lending

Sens. Sherrod Brown, D-Ohio, Elizabeth Warren, D-Mass., and three other Democratic senators sent a letter to Upstart Network and other lenders asking about their use of education data in lending; the request comes after a report from the Student Borrower Protection Center that said students who attended Howard University, a historically black college, would be charge $3,499 more than a student from Yale over the course of a five year loan; American Banker quotes from the letter, “while we encourage lenders to innovate to improve access to credit — particularly for marginalized borrowers who have been shut out of the credit system — all lenders must ensure that their underwriting practices comply with fair lending laws.”; Upstart responded to the report saying they rigorously test across millions of applications to ensure they follow the law. American Banker

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.